Pacific Retail Goes On Buying Binge

SEPTEMBER 21, 2016 | BY RAYNA KATZ
LOS ANGELES—Locally based Pacific Retail Capital Partners and a joint venture partner—who has chosen to remain anonymous—have purchased three…
The Galleria at White Plains is an approximately 870,000-square-foot, four-level, enclosed regional mall.
LOS ANGELES—Locally based Pacific Retail Capital Partners and a joint venture partner—who has chosen to remain anonymous—have purchased three regional malls across the country totaling approximately 2.8 million square feet of retail space.
The properties, which have a combined value in excess of $200 million, were sold by Simon Property Group. The trio of shopping centers are the Galleria at White Plains,
White Plains, NY; Northpark Mall in Ridgeland, MS and The Esplanade in Kenner, LA, outside of New Orleans.
Based here, Pacific and its partner were represented in the transaction by a legal team from Orrick. Led by Olga Sirodoeva, partner in the firm‟s Washington, DC office, the team included real estate partner Marshall Brozost, corporate attorney Maria Sergeyeva and senior paralegal David Burkhart, as well as others at Orrick. Simon reportedly did not have representation.
“These properties are all prime examples of retail centers that serve a vital need in the community,” says Steve Plenge, managing principal of Pacific Retail Capital Partners. “Pacific Retail will evaluate each asset in the context of the neighborhood and what is valued by the customers to create a program to further enhance its appeal.
He continues, “This may include bringing new uses to the center, improving the physical space, adding events and public programs and in some cases redeveloping portions of the real estate.”
The Galleria is an approximately 870,000-square-foot, four-level, enclosed regional mall in an urban market of Westchester County, New York. Located at 100 Main St., the center is across the street from The Ritz-Carlton Hotel and Residences and walking distance to the Metro North train station. White Plains is popular with commuters to Manhattan and features a business district with nearly six million square feet of office space within walking distance of The Galleria. The center currently features 130 retailers including Macy„s, Sears, H&M, Forever 21 and a host of eateries.
“To build on this strong asset, among the initiatives we are considering for The Galleria is stepping up the food offerings with more casual and fine dining and an enticing food hall to better serve area residents, visitors and office workers,” Plenge comments. “We will conduct an evaluation of the center to outline a capital improvement and leasing program.”
The Northpark Mall is set on almost 100 acres in a community that has seen the addition of 8,000 homes in the past ten years, approximately 10 miles from the state capital of Jackson. Located at 1200 E. County Line Road, the busiest retail corridor in the state, the approximately 958,000-square-foot, two-level mall offers 120 retailers and eateries. Northpark is the only enclosed regional mall in a 50-mile radius and serves a large residential population.
“At Northpark we are exploring the potential to add retailers that will be new to the market but fit the area demographics and demand,” Plenge observes. “We also will be refreshing the space to make it more attractive and inviting.”
Five minutes from the New Orleans International Airport and 15 minutes from Downtown, the Esplanade is set on 80 acres. Located at 1401 W. Esplanade Ave., the more than one-million-square-foot mall is in a popular residential area near Lake Pontchartrain.
Easily accessed with a newly opened direct-access ramp from the I-10 regional thoroughfare, the two-level center includes Dillard‟s, Target, Macy‟s, Victoria‟s Secret, Old Navy, an array of fast-casual eateries and a movie theater.
“The Esplanade is an example of a substantial piece of real estate in a thriving community,” Plenge notes. “We may explore some development to bring new, complementary uses, such as residences.”